Corn and soybean futures suffered modest losses to end the week while wheat posted small gains.
Soybeans declined on a US higher dollar and continued worries about US President Donald Trump’s tariffs will disrupt the flow of US agricultural exports. The greenback moved higher for the third straight day, boosted by geopolitical fears and its safe-haven status. Traders are beginning to look ahead to the March 31 quarterly stocks and planting intentions reports, which often result in significant market swings. May beans slipped 3 ¼ cents to $10.09 ¾, and November lost 2 ½ cents to $10.07 ¾.
After starting the day steady, corn also turned lower on tariff uncertainty and worry. May corn dropped 4 ¾ cents to $4.64 ¼, and December fell 2 cents to $4.51.
Dryness in the US southern Plains remain a source of support for wheat. Although parts of Kansas and Nebraska did see beneficial rain and snow this week, much more widespread and consistent moisture is needed for the crop. Released Thursday, NOAA’s spring forecast also indicates drought development in the southern Plains for the April-June period. May Chicago added a penny to $5.58 ¼, May Kansas City was up 2 ¼ cents to $5.88 ¾, and May Minneapolis inched a ¼ cent higher to $6.05.
